Britain’s number two cable operator Telewest has offloaded its stake in Scottish media group SMG as it continues its ambitious restructuring scheme.
The US-owned firm used the proceeds to pay off a £27 million ($42m; €42m) loan, guaranteed by the 17% SMG holding, from Toronto Dominion Bank. This leaves Telewest with around £18m from the sale.
The debt-beset cable company has disposed of over £37m of peripheral assets in recent months as it scrambles to generate cash.
It is currently close to securing a huge debt-for-equity swap to wipe out £3.5 billion of bonds, with an agreement expected in the next week.
Data sourced from: Financial Times; additional content by WARC staff